Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock was listed on the New York Stock Exchange through the third quarter of 2022 and the Nasdaq Exchange (Symbol: SFE) through February 12, 2024. The high and low sale prices reported within each quarter of 2023 and 2022 were as follows:
High
Low
Fiscal year 2023:
First quarter
$
3.25
$
1.52
Second quarter
2.19
1.42
Third quarter
1.68
0.98
Fourth quarter
1.19
0.76
Fiscal year 2022:
First quarter
$
7.53
$
4.81
Second quarter
5.48
3.32
Third quarter
4.54
3.60
Fourth quarter
3.89
2.95
The high and low sale prices reported on Nasdaq in the first quarter of 2024 through February 12, 2024 were $0.81 and $0.40 respectively, and the last sale price reported on Nasdaq on February 12, 2024, was $0.59 . Effective February 12, 2024, the Company’s common stock qualified to trade on the OTCQX Best Market (the “OTC”). The high and low sale prices reported on the OTC from February 12, 2024 through March 21, 2024 were $0.86 and $0.55 respectively, and the last sale price reported on the OTC on March 21, 2024, was $0.84.
As of March 21, 2024, there were approximately 7,213 beneficial holders of our common stock.
Special Dividend
On December 15, 2023, the Board of Directors declared a special cash dividend of $0.35 per share, payable on December 28, 2023 to shareholders of record as of the close of business on December 19, 2023.
Issuer Purchases of Equity Securities
The following table provides information about our purchases of equity securities during the quarter ended December 31, 2023 registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):
Period
Total Number of Shares Purchased (a)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plan (b)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan (b)
October 1, 2023 - October 31, 2023
5,298
$
1.11
—
$
14,636,135
November 1, 2023 - November 30, 2023
5,318
$
1.00
—
$
14,636,135
December 1, 2023 - December 31, 2023
68,858
$
1.03
—
$
14,636,135
Total
79,474
$
1.03
—
(a) During the fourth quarter of 2023, we repurchased an aggregate of approximately 79 thousand shares of our common stock initially issued as restricted stock awards to employees and subsequently withheld from employees to satisfy the statutory withholding tax liability upon the vesting of such restricted stock awards.
(b) In 2015, the Company's Board of Directors authorized us, from time to time and depending on market conditions, to repurchase up to $25.0 million of the Company's outstanding common stock. During the years ended December 31, 2023 and 2022, we did not repurchase any shares under this authorization. In May 2021, the Company's Board of Directors authorized a $6.0 million share repurchase program (the "2021 Plan") using existing funds in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the year ended December 31, 2021, the Company purchased 236,159 shares under the 2021 Plan at an aggregate cost of $1.6 million, or $6.94 per share. During October 2021, the Company suspended the 2021 Plan and completed a modified Dutch auction self-tender that resulted in the repurchase of 4.3 million common shares for an aggregate price of $38.7 million, or $9.00 per share. In March 2022, the Company's Board of Directors replaced the 2021 Plan and authorized a separate $3.0 million share repurchase program (the "2022 Plan") using existing funds in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the year ended December 31, 2022, the Company purchased 711,481 shares under the 2022 Plan at an aggregate cost of $2.9 million, or $4.13 per share. The Company completed the 2022 Plan in January 2023 by purchasing an additional 25,096 shares, resulting in an average price of $4.09 for the 2022 Plan.
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Item 6. Selected Consolidated Financial Data
Not applicable for a smaller reporting company.